Cadbury, which has reconfirmed strong profit growth in 2008, says preparations to sell its Australia Beverages business are well advanced.
Cadbury states: “At the time of our interim results we announced an intention to review the position of our Australia Beverages business. As a result, we have decided to proceed towards a sale of this operation. The separation of the integrated beverage and confectionery businesses in Australia is now well advanced and we will update the market on further developments in due course.”
Todd Stitzer, Chief Executive of Cadbury plc, adds: “I am pleased to confirm that the Group has continued to perform in line with expectations and that we expect to deliver strong profit growth for the year as a whole. Looking forward, despite forecasting a 6-8% rise in input costs for 2009 and weakening economic conditions, we remain committed to delivering mid-teen margins by 2011 and making further progress towards that goal in 2009.”
Source: Thomson Merger News